Proposed Settlement on Muni Funds Lawsuits Reached
NEW YORK (August 29, 2013) – OppenheimerFunds, Inc. today announced that it has entered into a memorandum of understanding with plaintiffs’ counsel in six consolidated class action lawsuits relating to Rochester National Municipals, Oppenheimer AMT-Free Municipals, Oppenheimer Rochester Fund Municipals, Oppenheimer Rochester AMT-Free New York Municipal Fund, Oppenheimer New Jersey Municipal Fund and Oppenheimer Pennsylvania Municipal Fund that are pending in the federal district court in Colorado. The lawsuits relate to the investment performance of the Funds during the height of the financial crisis in 2008. The memorandum of understanding contemplates that the parties will enter into stipulations of settlement with respect to the six actions and that OppenheimerFunds will make an aggregate payment of $89.5 million to be distributed to class members.
The proposed settlements are subject to a number of contingencies, including approval by the Funds’ board of trustees and by the court. In the event the parties enter into the contemplated stipulations of settlement, they will seek preliminary approval by the court of the settlement agreements so that information about the proposed settlements may be sent to class members before final court approval. OppenheimerFunds has maintained throughout these lawsuits that the Funds’ investments were consistent with the Funds’ investment objectives and policies stated in their prospectuses. OppenheimerFunds entered into the memorandum of understanding to avoid a lengthy and expensive legal process, and in doing so has not admitted any wrongdoing. OppenheimerFunds believes that the proposed settlements are in the best interest of the Funds’ shareholders and is pleased to be moving toward a resolution of these matters.
These settlements do not resolve a related consolidated class action lawsuit involving the 2008 investment performance of Oppenheimer California Municipal Fund. OppenheimerFunds believes that lawsuit is without merit and is continuing to defend itself vigorously in that action.
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OppenheimerFunds, Inc. (OFI) is one of the largest and most reputable investment management firms in the country. Since the original Oppenheimer fund was first offered to the public in 1959, OFI has demonstrated it is a high conviction asset manager with a history of providing innovative investment strategies to its investors. OFI and its subsidiaries offer a broad array of products and services to individuals, institutional investors and corporations worldwide. OFI provides advisory services to the Oppenheimer mutual funds, and OFI Global Asset Management provides services to institutional clients. OFI, including its subsidiaries, managed more than $209 billion in assets for over 12 million shareholder accounts, including sub-accounts, as of June 30, 2013.
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